How to calculate mortgage payments

Calculating your monthly mortgage payments involves more than just principal and interest. To provide you with a comprehensive overview, we've incorporated all the typical monthly expenses you'll encounter as a homeowner.

Explore various home prices, locations, down payments, interest rates, and mortgage terms to see their impact on your monthly housing costs. If your down payment is less than 20% of the home price, we'll include private mortgage insurance (PMI) costs in your monthly payment. We've also factored in estimated utilities expenses, which can vary by county, and the option to include

Homeowners Association (HOA) fees if you're considering a condo or community with an HOA. Please note that our calculations do not include annual home maintenance/repair savings or home improvement expenses.

To assess your true affordability, including these costs, check out our mortgage  calculator. Keep in mind that property tax rates vary significantly by location, so neighboring homes of similar size and quality may have different tax rates. Choosing an area with lower property tax rates can impact your ability to afford a higher-priced home.